The summer is upon us, and millions of Brits are preparing their summer wardrobes and suitcases for a much-deserved summer holiday.
Whilst going on holiday is something we all look forward to, it can be very stressful having to book flights and accommodation - not forgetting the process of putting your holiday money together.
Going on holiday is a costly process and something many people can spend months saving for. It can be difficult to budget the holiday accurately, as nobody can ever be certain of exactly how much they are going to spend over the duration of the holiday.
Holidaymakers often have a splurge of confidence when spending money abroad as money worries are put to one side until the end of the holiday.
Therefore, to avoid a nasty surprise at the end of the month as a result of generous holiday spending, it is important that people know how to use their money on holiday.
Stay away from cash machines
Holidaymakers should not use a cash machine abroad because banks will often charge an expensive fee for the service.
Each time cash is withdrawn abroad a charge will be incurred, so if you find that you do need to withdraw cash from a cash machine, get enough so that you don’t have to make another visit.
Does your bank know where you are going?
A credit card is often used for certain holiday purchases or to pay for a meal in a restaurant. This is fine as long as you are careful with the amount you spend on it.
However, if you are relying on your credit cards while on holiday and don’t inform your bank of your plans then there is a chance the payments will be declined for security reasons.
Get holiday cash at home
Travel money should be purchased before you go on holiday because the exchange rate can often be expensive at the airport, and carrying out the process at the actual holiday destination can be risky.Back to top